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Your home recently foreclosed you had a first and second loan The first loan handled the foreclosure487k now you are left with the second loan 117K What happens now?
Wiki User
∙ 12y ago
When your home is foreclosed on, the first or second can start the process. If you have a first mortgage and a second mortgage, your first mortgage is the first lien holder. Therefore if the second was first to foreclose they would have to pay the balance or negotiate the balance (agree to lower payoff). When a home is foreclosed on, all debts against the home are extinguished.Normally in a foreclosure the first mortgage will not negotiate with the second mortgage, in this instance the second mortgage would be out of the picture. VALUE (appraisal) plays a huge role in this process.
Wiki User
∙ 12y ago
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What happens when a home is foreclosed?
You basically get kicked out onto the streets...
What are some foreclosed properties?
Some foreclosed properties includes, but are not limited to houses, cars, electronics, and a lot more. This happens because payments are not made on said properties.
What happens to the direct deposit of my payroll if my house is foreclosed?
Nothing happens. You still get the money in your account. They just want the house, not your money.
What happens if you are a cosigner on a house that is being foreclosed on?
The foreclosure will affect your credit record. You are fully responsible for paying the loan.
What happens if you do not pay your property taxes while getting ready to have house foreclosed?
You will no longer be responsible. The bank will have to worry about that after they foreclose your home.
What happens in an emergency?
During an emergency, an unforseen situation happens, that need to be stoped or handled quickly, given the consequences it can lead to.
What happens when your home forecloses and the lender sells it for less than what you owe?
You still owe the balance (the amount you owed minus the amount the lender sold the foreclosed home for).
What happens to my primary residence when I can't find a tenant for my rental property and it goes into forclosure?
Assuming the rental properties under foreclosure, it is only that property that is being foreclosed.
What happens to second mortgage if first mortgage is foreclosed?
If the first mortgage is foreclosed the second mortgage lien gets wiped off the property by the foreclosure so the property can be sold free and clear of the second mortgage. However, the mortgagor still owes the debt to the lender and the lender can pursue collection of the amount due by a civil lawsuit.
Jack Fuller was recently fired from what job in What Happens in Vegas?
Carpenter
Jack Fuller was recently fired from in what job in What Happens in Vegas?
Carpenter
If your house is foreclosed on what happens if you get a personal lender and get a new house Can they put a lien on the new house?
Check the laws in your state, but NO, they cannot. Your old house secures the mortgage on THAT house. Nothing else.
